The developer behind the South Loop’s upcoming 1000M skyscraper is preparing to make its first foray into Chicago’s West Loop at 1400 W. Monroe Street, just across from Skinner Park. Plans here call for a seven-story, 42-unit condo project—a change from the apartment buildings that have led the area’s development boom.
“The West Loop market has been saturated with rental units, but every for-sale product in that area has been quickly gobbled up,” Jerry Karlik of JK Equities told Curbed. “We think there’s a crossover occurring where millennials are starting to look at owning over renting and wanting to start families in the area.”
Designed by Chicago-based architecture firm Booth Hansen, the upcoming building sports a gray brick and glass facade reflecting the neighborhood’s industrial aesthetic. It includes two- and three-bedroom floorplans ranging from 1,200 to 2,000 square feet with interiors designed by New York’s Mojo Stumer Architects.
With unit prices starting at $600,000, the project will offer limited amenities. “We are more focused on delivering young families an affordable product with lower assessments,” said Karlik. “Besides, the park across the street and dog park around the corner are already probably the best amenities you can ask for.”
The new development at the corner of Monroe and Loomis street will replace the vacant Monroe Pavilion Nursing and Treatment Center, purchased by the developer last August for $6 million. The condo project can move forward “as of right,” or without a requesting a zoning change from the city.
Karlik hopes to begin construction in the second half of this year and welcome residents 12 to 14 months after that. Marketing group ON Collaborative is expected to open a sales center for the project at 33 N. Morgan Street in the next 30 days or so.
As for other condo developments headed to the area, the 32-unit “Eveq” project is preparing to break ground at Madison and Bishop while a 73-unit building is proposed for 19 N. May Street. The community meeting to discuss the latter, however, was called off in January in light of a corruption investigation implicating 25th Alderman Danny Solis, reported Block Club.